New York Session – April 29, 2010 4:41 PM

The worsening problems in the Eurozone periphery have thus far failed to elicit any remarkable leg-down in the common currency. Despite downgrades to Greece (to junk!), Portugal and Spain just this week, the Euro remains back above what has become a near-term pivot by the 1.3200 area. The outlook for the Eurozone periphery (the so-called PIGS) remains decidedly negative and we firmly believe that difficulty to move debt around the rollover requirements over the next few months will prove extremely challenging for whatever Euro longs remain. Full text »

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